4 Oswego County districts refinance loans; save money

4 Oswego County districts refinance loans; save money

Four Oswego County school districts have had borrowing they did through the state recalculated so they can save money on capital projects.Oswego and Fulton city school districts, Phoenix Central School District and Pulaski Academy and Central School are among 54 districts statewide that are achieving about $17 million in net present value savings as part of an almost $300 million bond refunding delivered by the Dormitory Authority. The reductions are part of the Dormitory Authority’s School Districts Revenue Bond Financing Program, which provides public school districts across New York state with an efficient financing alternative. Since the inception of the program in 2002, the Dormitory Authority has issued 85 separate series of bonds on behalf of more than 200 school districts statewide.Through the program, Phoenix was able to refinance debt at a lower rate, which lowers the payment, said district Assistant Superintendent of Finance and Educational Services Karl Seckner. “Phoenix will save a total $357,000 over the next 10 years, which is the life of the loan,” he said.Pulaski Academy and Central School Superintendent Brian Hartwell said this is similar to when a person refinances a mortgage at the bank. If the interest rate is low enough to bring about good savings, a person will refinance a mortgage to lower the monthly payment and pay a lower interest rate on the loan. Pulaski was able to refinance a 10-year loan and will save $132,314 over the length of the loan.Other savings for Oswego County school districts are:n Fulton City School District: $363,463.n Oswego City School District: $649,174.
Source: Watertown Daily Times Latest News4 Oswego County districts refinance loans; save money

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